The new financial year is a good time to make a plan for getting your finances back on track. Here are five simple steps to help you on your way.

1. Set some goals

No matter how far-reaching they are, it’s good to have something on which to set your sights. Once you have highlighted areas on which you wish to concentrate, be it increasing your superannuation balance, clearing your credit card debt or planning a trip of a lifetime, it’s time to set your budget. For tips on how to create a realistic budget, visit Moneysmart.gov.au

2. Use your tax refund wisely

Once you receive your cheque from the ATO, consider how you’re going to spend your ‘windfall’. It could be for something useful such as clearing your credit card debt, boosting your superannuation or starting a ‘rainy day’ savings fund. Or perhaps you have a household appliance that needs replacing or repairing. Either way, it’s your hard-earned money so try not to squander it.

3. Understand your super statement

Rather than just ‘filing’ your superannuation statement when it arrives, take some time to read it and understand just how your investment is progressing. Check with Superratings.com.au how super funds are performing in general and use this information as a gauge to assess your own. Also, confirm what fees you are paying and compare these to other funds; it may pay to switch.

4. Start filing those receipts

Whether it’s simply popping them in a shoebox or creating a comprehensive filing system, start the new tax year by keeping your receipts handy. Then, when tax time swings around next year, you may be surprised at just how much more you’re able to claim. If filing isn’t your strong point, then a low-interest credit card, which you pay off each month, is a good way to track expenses.

5. Arrange a financial health check

Rather than plodding along thinking that your finances are under control, take the time to review your income and outgoings and how your money management is shaping up for the future. Your bank can arrange a free financial health check with a consultant, or you can make an appointment to see a financial counsellor free of charge if you feel your finances are out of control. An initial appointment to see a financial planner is usually free but there will be costs involved if you wish to take their advice further. Or you can use the YourLifeChoicesFinancial Health Checklistto see if your finances are on track.

As someone who is on a tight income. My wife and I have found that the best way to manage finances is to do a very simple spreadsheet. Income and expenses down the first column and dates by fortnight across the first row. Now just fill in the blank cells. Sum the income, and sum the expenses. Subtract income from expenses and then manage the differences, by putting any surplus aside for future deficits. Then through the year, monitor each fortnight that money has been received, that bills have not been missed and that money is there to pay bills. This also lets you plan to have treats, and money set aside for unforeseen expenses. It is surprising the number of people who do not do this simple task, worry about money and loose sleep over making ends meet.I hope this helps readers.

I've never lost a Minutes sleep in My life :-) I've got a list and pay all My Bills in advance, every fortnight ! What's left is Mine ! All 150 Bucks of it for Food, Petrol Etc. If I'm ever short I grab (borrow) 500 of My own money from Centrestan and Tidy up the loose ends !! No Probs ! :-) Thanks

Young Simmo14th Jul 201512:56am

We get good service with our Commbank Visa card. We took out a $500 limit Visa in 2000 when we first went onto the net so we couldn't be screwed for a heap of money. In the last 15 years we have not paid cent in interest, just the annual fee. (about 70 or so bucks I think). I pay it off every pension day, and we use it for everything, and get the free kettles and toasters etc, etc from the awards. Also we have a Telstra $100 / Month bundle, which covers Mobile and Landline and Internet. The internet is a 100 GBs, (We only use 10 to 20 GBs), and all landline calls are completely free all over Australia. I pay $70 every pension day, and about every couple of months we have a credit of 100 plus dollars and miss a payment. Only use our mobile if we go away which is not often. Yes those 2 little purks work well and help us save 1 or 3 hundred a fortnight, if no car and building and contents or rego coming up.Boy that's laying it bear.

Ive got the same Simmo ! But the contract runs out in fortnight and the lot goes in the Garbage Skip ! Pensioners cant afford it ! Ill save $120 a month, and miss You lot! Ill get a cheap Mobile that will have to do :-) Bye XXOO

jeezzzz simmo how many kettles and toasters do you need, at least you could Share!!!! lol i'm in need of a toaster right now, i've had mine for over 50yrs i think it needs a rest now. a bit like me. And i can't even go for a decent holiday now cause the wankers won't let me go out of australia for more than 4wks, its take a lot longer than that for me to recover once i seen all me reli's the world over .......OH sorrry did i get off Point.......mmmm back to the grind stone :P

buby, If it is over 50 years old, put it onto Antiques Road Show, you will get 50 Grand judging by the prices they have been quoting lately. Then you can have a different coloured one for every day of the week.

Trouble is simmo IF only the Antiques would take it. If i did show up with it. They laugh and point me to the metal recyclers more like it :P

buby16th Jul 201510:52am

perhaps debbie you might send some of these points to the Policitians we employ. they not watching where they stick their money. They just throwing it away, then expect us too Budget.......YEH its NOT funny reallly.....????